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Mike Novogratz moving to establish a $500 million hedge fund focused on cryptocurrency and blockchain.

Former Fortress Investment Group principal is said to be establishing a $500 million dollar hedge found focused primarily on cryptocurrency and block chain technology. Read more at Bloomberg News, who are reporting that Mike Novogratz is investing $150 million of his own, with an additional $350 million expected to be raised from outside sources by the end of 2017. When asked to confirm or deny his plans, Novogratz was tight lipped when asked directly.

My thoughts: It’s obvious that when the whales are moving in to feed, there is plenty of plankton in the water. This should be an indication to the general public that big fish such as Novogratz have identified a stupendous amount of money to be made in crypto, and are moving in to capitalise. This also heralds the acceptance of what would be the largest hedge fund of its type, accepting Bitcoin and other cryptocurrency as a legitimate investment type.